PolicyBazaar’s parent PB Fintech to form a payment aggregator subsidiary
PolicyBazaar’s promoter PB Fintech on Wednesday said its board has approved the incorporation of a wholly-owned subsidiary for payment aggregator business. The new subsidiary called PB Pay Private Limited would “carry on the business of payment aggregator – domestic and / or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both,” the company said in a regulatory filing. On February 1, Singapore-based sovereign wealth fund Temasek Holdings had sold its entire 5.42 per cent stake in PolicyBazaar's parent firm PB Fintech for ₹2,425 crore through open market transactions. Temasek Holdings’ wholly-owned subsidiary Claymore Investments Pte Ltd sold the shares of PB Fintech in three tranches on the BSE. In January, Japanese conglomerate Softbank's arm Svf Python II divested a 2.5 per cent stake in PB Fintech for ₹914 crore.
SoftBank plans to sell 5% stake in Policybazaar via block deal tomorrow: Report
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